Robert Kennedy Backs Bitcoin With The Fierce Controversy With Fed

Key Points:

• Robert Kennedy Jr. and Ron DeSantis have organized a protest against the Federal Reserve’s FedNow payments system, arguing that it would pave the way for a CBDC.
• Kennedy believes that cryptocurrencies such as Bitcoin should be used as an alternative to the old financial system.
• The Federal Reserve clarified its plans for the introduction of FedNow.

As possible contenders sharpen their positions in preparation for presidential bids in 2024, Robert Kennedy Jr. joined Florida Governor Ron DeSantis on the CBDC hate train last week.

In a Twitter thread, Democrat Kennedy raised concerns about CBDCs, calling them the ultimate instruments for societal monitoring and control while questioning the Fed’s assertions that FedNow would not be utilized to assist a CBDC:

According to Kennedy, Bitcoin and other cryptocurrencies function on a decentralized network that is less subject to market volatility and government rules.

In this perspective, Robert F. Kennedy Jr. supports the use of cryptocurrencies such as Bitcoin as an alternative to the old financial system. Kennedy believed that cryptocurrencies would provide a safe haven for the people when the present financial bubble explodes.

With the introduction of cryptocurrencies, the world of finance is swiftly expanding, and the US government, in its erroneous approach to the crypto business, will establish FedNow. A real-time payment system backed by a digital currency issued by a central bank (CBDC).

His remarks echo those of numerous Republican politicians who have slammed CBDCs as an insult to financial privacy rights or possibly prone to limiting routine transactions, lending a bipartisan slant to an issue that has mostly been promoted by conservative voices. Politicians and business organizations in the United States have criticized these digital assets.

FedNow is a 24/7 instant payments system that is set to start in July with the goal of speeding up transactions between financial institutions and companies while also offering a government-backed alternative to comparable private-sector networks.

A few days later, the Federal Reserve clarified its plans for the launch of FedNow in an updated portion of its FAQs website. The Fed said that it would not deploy a CBDC when its FedNow payments program goes live in July. It further said that the method for quick payment between financial institutions is not a substitute for cash.

Kennedy’s worries are shared by Florida Governor Ron DeSantis, who recently raged against the idea of a CBDC in the Sunshine State. While he submitted a restriction on CBDCs from any country to the state assembly, he theorized that the technology might be used to limit handgun purchases or fuel sales.

Florida’s Republican Governor DeSantis responded to the Fed’s statement with the following tweet:

While Kennedy and other supporters may see cryptocurrencies as a potential solution to the traditional financial system’s challenges, the government’s actions indicate that significant regulatory and legal hurdles must be overcome before cryptocurrencies can become a mainstream alternative to the traditional financial system.

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Harold

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